Facebook earnings wow, but investors yawn

A view of and Apple iPhone displaying the Facebook app’s splash screen in front of the login page. (Karen Bleier, AFP/Getty Images)

So much for Facebook rescuing tech stocks.

Last night the social media company reported first-quarter results that blew away estimates. Shares were trading 3% higher in afterhours trading and investors were assuming the stock was in for a good day Thursday. What’s not to like?

But just the opposite is happening. In early day trading, shares of the social media company are actually down $0.25, or 0.4%, to $61.11. Now they’re flat. It’s just another reminder that just because a company beats earnings expectations doesn’t mean the shares must go higher.

To be fair, shares of nearly all social media companies are weak today. Shares of professional social networker LinkedIn are down 4% and review site Yelp are down $2.67, or 4%, to $61.83.